External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.</li><li>The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.</li><li>The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1FY26 Earnings Preview - Power & Ancillaries

Equity Bottom-Up

Genus Power Infrastructures / Equity Bottom-Up

<ul><li>Genus Power Infrastructures Ltd (Genus) is one of the largest players in the electricity metering solutions industry in India.</li><li>As a pioneer in electricity metering solutions, with over 8 crore meters installed globally, Genus has been at the forefront of electricity metering since its inception in 1992, holding a market share of ~25%.</li><li>A. Strong Order Book: As on 30th Jun'25, the company’s order book stands at Rs 29,321 Cr (including all SPVs and Platform with GIC).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genus Power Infrastructures Ltd (Genus) is one of the largest players in the electricity metering solutions industry in India.As a pioneer in electricity metering solutions, with over 8 crore meters installed globally, Genus has been at the forefront of electricity metering since its inception in 1992, holding a market share of ~25%.A. Strong Order Book: As on 30th Jun'25, the company’s order book stands at Rs 29,321 Cr (including all SPVs and Platform with GIC).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Genus Power Infrastructures Ltd - 27th September, 2025

<ul><li>Addressable Market to Expand: Management expects 30-31 Cr smart meters to be installed by 2032 (exceeding RDSS target of 25 Cr).</li><li>As of Jul’25, 14.3 Cr meters have been awarded, and only 3.7 Cr have been installed.</li><li>With ~16 Cr remaining to be awarded, the total addressable market (TAM) size comes around Rs 1,28,000 Cr (assuming price per meter at Rs 8,000). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Addressable Market to Expand: Management expects 30-31 Cr smart meters to be installed by 2032 (exceeding RDSS target of 25 Cr).As of Jul’25, 14.3 Cr meters have been awarded, and only 3.7 Cr have been installed.With ~16 Cr remaining to be awarded, the total addressable market (TAM) size comes around Rs 1,28,000 Cr (assuming price per meter at Rs 8,000). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genus Power Infrastructures Ltd - Strong Q1; Focus Will Be on Market Share as TAM Expands

<ul><li>Good Results, Strong Growth Guidance: Led by strong execution, the company reported strong Q4FY25 results with an overall estimates beat and YoY/QoQ growth on all fronts.</li><li>Further, the Management has revised its FY26 revenue guidance to a topline of Rs. 4,000 Cr, which implies 60% growth YoY as against the previous guidance of 50%.</li><li>The company has also revised its FY26 EBITDA margins guidance to 18% as against the previous guidance of 15-16%, led by cost control measures, backward integration and an increase in volumes.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Good Results, Strong Growth Guidance: Led by strong execution, the company reported strong Q4FY25 results with an overall estimates beat and YoY/QoQ growth on all fronts.Further, the Management has revised its FY26 revenue guidance to a topline of Rs. 4,000 Cr, which implies 60% growth YoY as against the previous guidance of 50%.The company has also revised its FY26 EBITDA margins guidance to 18% as against the previous guidance of 15-16%, led by cost control measures, backward integration and an increase in volumes.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genus Power Infrastructures Ltd - Beat on All Fronts; Guidance Revised Upwards

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY), EBITDA of INR 1.2bn (4.1x YoY) and PAT of INR 682mn (5x YoY).</li><li>EBITDA margin significantly improved to 19.3% (+830bps YoY).</li><li>Its orderbook (OB), as of Dec’24, also surged to INR 313bn (+55% YoY); however, it remained flat QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY), EBITDA of INR 1.2bn (4.1x YoY) and PAT of INR 682mn (5x YoY).EBITDA margin significantly improved to 19.3% (+830bps YoY).Its orderbook (OB), as of Dec’24, also surged to INR 313bn (+55% YoY); however, it remained flat QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genus Power Infrastructures - Strong Quarter; Execution Expected to Accelerate

India

Genus Power Infrastructures Ltd. manufactures electronic meters and other power control equipment. The Company produces residential, industrial, substation, agricultural, grid and group meters, inverters, uninterruptible power supplies, and hybrid microcircuits; and designs and constructs substations, transmission and distribution lines, and electrification projects.

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Genus Power Infrastructures (GPIN IN)

Q1FY26 Earnings Preview - Power & Ancillaries

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year. The peak demand was...

Axis Direct

Pick of the Week: Genus Power Infrastructures Ltd - 27th September, 2025

Genus Power Infrastructures Ltd (Genus) is one of the largest players in the electricity metering solutions industry in India.

Axis Direct

Genus Power Infrastructures Ltd - Beat on All Fronts; Guidance Revised Upwards

Good Results, Strong Growth Guidance: Led by strong execution, the company reported strong Q4FY25 results with an overall estimates beat and YoY...

Axis Direct

Genus Power Infrastructures - Strong Quarter; Execution Expected to Accelerate

Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY), EBITDA of INR 1.2bn (4.1x YoY) and PAT of...

ICICI Securities Limited

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